Jordans Trust Company blog

We recently covered the UK’s new AML Regulations (the 2017 Regulations), which implement the proposals contained within the EU’s 4th Money Laundering Directive. The main crux of the new regulations is that now all customer due diligence is required to be on a risk-sensitive basis. Shortly after the new regulations were put in place, the FCA (Financial Conduct Authority) published guidance on...
Read More AboutFCA publishes guidance on PEPs »

HMRC has recently launched a new system of “dynamic coding”, with the intention of making PAYE tax codes more sophisticated. The main change in this new system is the way in which under or overpayments are managed – using dynamic coding, possible incidents of this are replaced with in-year adjustments (IYAs).
Previously any issue of under or over payments has been reflected in codes for the...
Read More AboutDynamic coding: what will this mean for the taxpayer? »

With effect from 26 June 2017, the UK Government has enacted legislation to amend its PSC regime. The changes were necessary due to the Fourth Money Laundering Directive. The 26 June deadline was imposed by the EU and meant that the final form of the legislation was only released a few days before its implementation.
Two sets of regulations were introduced:
• The Information about...
Read More AboutUK: changes to the people with significant control (PSC) regime »

The UK’s previous Anti-Money Laundering (AML) legislation, The Money Laundering Regulations 2007 (the 2007 Regulations), was repealed on 26 th June 2017 and replaced by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the 2017 Regulations). This new legislation implements the proposals contained within the EU’s 4 th Money Laundering...
Read More AboutNew Anti-Laundering Regulations now in force in the UK »

The Beneficial Ownership Secure Search System Act, 2017 (the “ BOSS Act ”) came into force in the BVI on 30 June 2017. The BOSS Act was almost immediately amended by the Beneficial Ownership Secure Search System (Amendment) Act, 2017 (the “ Amendment Act ”), which also came into force on 30 June.
This BOSS Act facilitates the effective storage and retrieval of beneficial ownership...
Read More AboutBVI: Beneficial Ownership Secure Search System Act 2017 »

In what could be the biggest change in transparency for a generation, Hong Kong’s registrar of companies is looking to adopt increased openness by requiring all firms incorporated in the city to publish their beneficial owners by 2018. This bold new move follows efforts from Singapore and the UK to prevent cases of fraud and money laundering and, if implemented, would include both...
Read More AboutHong Kong register of companies: disclose beneficial owners by 2018 »

The UK government has published draft Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the “MLR 2017”). These regulations transpose the EU Fourth Money Laundering Directive and the Fund Transfer Regulation which accompanies it.
The MLR 2017 are open to final consultation until 12 April, with the MLR 2017 expected to come into...
Read More AboutUK: new money laundering and transfer of funds regulations »

Earlier this week, the Cypriot government approved a scheme to attract innovative start-ups to the Republic and thus benefit from its advantageous tax regimes for individuals and companies.
The scheme effectively permits third-country (non-EU) entrepreneurs with a start-up capital of at least €50,000 to set up their headquarters and achieve tax residence in Cyprus, provided the proposed...
Read More AboutCyprus reaches out to foreign innovators »